The Future of Grand Theft Auto VI and In-Game Cryptocurrency
The highly anticipated next installment of the popular video game series, Grand Theft Auto (GTA) VI, is on its way. Fans are eagerly awaiting the release, but there are speculations about whether the game will introduce an in-game cryptocurrency. Florida-based digital assets attorney, John Montague, suggests that it might not happen just yet.
Regulatory Uncertainty and Game Developers
Montague points out that regulatory ambiguity in the United States is likely to deter game developers from incorporating cryptocurrency into their games. He believes that it’s a sensible approach to wait for regulatory clarity before venturing into this space. Rockstar Games, the developer of GTA, is no exception to this cautious approach. Considering the substantial amount of business Rockstar Games conducts in the US, the Securities and Exchange Commission’s (SEC) anti-crypto stance poses a potential risk.
“Their hesitation, I believe, likely stems from a fear of possible issuer liability, especially given the aggressive stance the SEC has taken in recent times—underscored by the ongoing situation with Coinbase,”
– John Montague, Florida-based digital assets attorney
Montague understands Rockstar Games’ conservative approach and suggests that the risk may not outweigh the reward for their shareholders. However, there might be a potential solution to navigate the regulatory landscape.
SEC’s No-Action Letter
Montague refers to the SEC’s no-action letter issued in July 2019 to the crypto gaming project, Pocket Full of Quarters. The Division of Corporation Finance stated that fixed-priced in-game tokens are not considered securities as they are primarily used for game utility instead of investment. This letter could be relevant to Rockstar Games’ case and influence their regulatory considerations.
However, there’s a caveat. Price fixing, which is common in traditional games, is not prevalent in the decentralized world of cryptocurrency and decentralized finance (DeFi). This raises additional challenges and barriers to the inclusion of in-game crypto in major markets such as the USA, Japan, China, and South Korea.
“For now, given the regulatory uncertainty around in-game items in the major markets – including the USA, Japan, China, and South Korea – it seems unlikely that GTA VI will include in-game crypto. But the multibillion-dollar gaming giant may surprise us yet,”
– John Montague, Florida-based digital assets attorney
